- Shiba Inu (SHIB) flaunts a bullish trend, closing the gap with Tron’s (TRX) market cap by just $500 million.
- Momentum for SHIB is catalyzed by the Shibarium launch buzz and supportive metrics indicating a potential price surge.
The Meteoric Rise of Shiba Inu: Is Top 10 Within Reach?
As the decentralized crypto space unfolds, meme-inspired Shiba Inu (SHIB) once again claims the top spot in Altrank, heralding a bullish indicator for its future prospects. Given the recent trajectory and crypto dynamics, it’s conceivable that SHIB might soon surpass Tron (TRX) and ascend into the revered top 10 cryptocurrencies by market capitalization.
The strength continues on $SHIB!
— LunarCrush (@LunarCrush) August 11, 2023
The underpinning of this momentum is clear: SHIB’s performance, both in market movement and on the social realm, has been exceptional. A significant beacon highlighting its potential is its impressive Altrank standing, a metric provided by LunarCrush. This amalgamation of social and market activity attests to SHIB’s burgeoning dominance.
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Diving into the Numbers: SHIB vs. TRX
Recent data from CoinMarketCap unveils that SHIB’s price ballooned over 20% in the past week alone, and a commendable 9% in just the last 24 hours. Currently, it is priced at $0.00001089, pushing its market cap to an astounding $6.4 billion, positioning it just a notch below the top 10 at 11th place. Conversely, Tron (TRX), despite its standing as the 10th largest cryptocurrency, showed a more restrained performance with its price movement remaining relatively tepid.
A noteworthy catalyst propelling SHIB’s surge is the mounting anticipation around “Shibarium,” slated for its debut shortly. This fervor is further substantiated by intrinsic metrics. A declining exchange reserve for SHIB suggests it’s not facing any immediate selling pressure, a bullish hint for potential investors.
Additional indicators, such as the MVRV Ratio, have seen a spike due to SHIB’s price escalation. Another positive omen emerges from SHIB’s Open Interest, as reflected in Santiment’s data, which indicates a growing interest, suggesting the prevailing price trend might sustain its momentum.
With just a $500 million disparity in market caps between TRX and SHIB, and given SHIB’s bullish predisposition paired with favorable metrics, overtaking TRX seems plausible in the near future.
The Ripple Effect on the Shiba Ecosystem
The ripple effect of the Shibarium excitement isn’t confined to SHIB alone; it’s bolstering the entire Shiba Inu token ecosystem. A prime example is Bone ShibaSwap (BONE), which has witnessed its price grow over 4% in the last day, standing at $1.70 and a market cap nearing $391 million. Similarly, Doge Killer (LEASH) mirrors this positive trend, appreciating by 6% in the same timeframe, currently priced at $594.63.
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